Leadership Report

1 Leadership Report Student’s Name Institutional Affiliation Course Code: Course Name Instructor’s Name and Title Assignment Due Date 2 Creative Transformation: Increasing Productivity and Spurring Development in the Oil Industry Engineering Department at Saudi Aramco Company Profile Brief Overview of Saudi Aramco Nature of the Business Model Saudi Aramco is a company that functions along the whole hydrocarbon value chain, starting from production and exploration upstream to downstream refining and marketing. It operates across several oil and gas industry areas, utilizing an integrated business approach. The activities of Saudi Aramco are split into three primary segments: 1. Upstream Operations: i. The discovering and extraction of natural gas and crude oil ii. Growing and managing oil and gas reserves; iii. maximizing the mining of hydrocarbons from current fields downstream. 3 Operations: 1. Refining of crude oil into various petroleum products 2. Distribution and marketing of refined products 3. Petrochemical manufacturing and marketing 2. Midstream Operations: 1. Transportation of crude oil and natural gas 2. Storage and handling of hydrocarbons 3. Shipment and export activities Saudi Aramco’s business strategy stands out because to its diverse property portfolio, global presence, and vertically integrated operations.. The corporation handles an extensive network of pipelines, terminals, petrochemical facilities, refineries, and oil and gas fields both at home and abroad. Company Volume One of the greatest and most successful corporations in the world is Saudi Aramco. Its financial strength is shown through its capital structure, annual turnover, and sales volume. Overview of Finances The basis of Saudi Aramco’s financial strength is its substantial capital reserves and investment capacity.. With $1.8 trillion USD in the total capital as of 2021, the corporation is among the most economically sound in the world. Saudi Aramco’s solid capital status enables it to invest in new projects, expand its operations, and explore strategic initiatives to maintain its competitive edge in the global energy market (Saudi Aramco, 2021). Turnover and Revenue 4 Saudi Aramco’s diverse commercial operations yield a substantial annual turnover. The company reported a turnover of $229.6 billion USD in 2020, which was 44% higher than the year before. This astounding turnover demonstrates Saudi Aramco’s supremacy in the world’s oil and gas sector as well as its aptitude for seizing market opportunities (Saudi Aramco, 2020). Sales Volume and Market Share Saudi Aramco is the obvious leader in the worldwide energy business, as proven by its sales volume and market share. The company is capable of reaching customers globally and sustain a substantial market presence thanks to its massive distribution network and broad product portfolio. Saudi Aramco is one of the biggest and most influential businesses in the oil and gas sector; as of 2021, it held 13% of the world market. It is impossible to overestimate Saudi Aramco’s significance to the global oil and gas industry. With its broad infrastructure, varied portfolio, and solid financial standing, the firm is still essential to supplying the global demand for energy and promoting innovation in the oil and gas industry (Aljazeera, 2021). Department Profile: Oil Production Engineering Department (PD) One of the most important parts of Saudi Aramco’s upstream activities is the Oil Production Engineering Department (PD). Delivering creative, economical, secure, and ecologically sustainable manufacturing solutions is the responsibility of PD in order to meet dynamic business demands. In the domains of gas, water, and oil production, the department offers engineering and technical support to various Saudi Aramco departments, other Upstream departments, and Oil Operations (OO) Producing divisions. The goal of PD is to provide creative, economical, secure, and ecologically responsible production solutions that address dynamic business issues. The department is dedicated to fostering organizational success, leveraging company 5 values, and developing human resources. While upholding its social obligations and corporate values, PD seeks to maximize return (Saudi Aramco, 2020). PD has a substantial contribution to Saudi Aramco’s success and is vital for the company’s overall operations. Among the department’s major contributions are: PD guarantees the effective and efficient production of water, gas, and oil through providing engineering and technical support to departments responsible for Oil Operations (OO). In order to achieve maximum recovery and optimize production, the department keeps an eye on and analyzes data related to reservoir parameters, well performance, fluid composition, and well mechanical condition (Gulf Business, 2021). PD backs Saudi Aramco’s endeavors to sustain elevated levels of output from fully developed fields, improve the capacity of partially developed fields to produce, and commence production from underdeveloped and new areas. The department develops plans for the long-term application of technology, field development strategies, and oil and gas production targets in collaboration with other Saudi Aramco groups. PD is dedicated to both security and operational excellence. To guarantee the secure and efficient functioning of oil and gas facilities, the department conforms with industry standards and best practices. By providing environmentally friendly production solutions and reducing the environmental impact of operations, PD supports Saudi Aramco’s dedication to environmental responsibility. The organizational structure of the Oil Production Engineering Department (PD) is designed to provide efficient operations and positive cooperation with other Saudi Aramco businesses. The department is headed by the PD Manager, who oversees the entire PD organization (Aljazeera, 2021). (Aramco Saudi, 2021). Directly answering to the PD Manager are: 6 Senior Consultant i. PD OE & HSSE Leader ii. PD Senior P&PM Analyst These top staff members lead and offer strategic direction for PD’s undertakings and operations. The Oil Production Engineering Department (PD) is organized into five production engineering divisions, with each focusing on specific aspects of oil, gas, and water production. These divisions are: 1. Field A Oil Production Division 2. Field B Oil Production Division 3. Field C Oil Production Division 4. Field A Gas Production Division 5. Field B Gas Production Division PD’s operations involve both inbound and outbound activities, which are detailed below: 1. Inbound Activities: For the purpose of evaluating the productivity and performance of oil and gas reservoirs, PD monitors and evaluates reservoir parameters. Analyzing data on reservoir pressure, temperature, fluid composition, and other pertinent factors is part of this process. To make sure water, gas, and oil wells are running effectively, PD regularly analyzes well performance. This involves keeping an eye on the well bore pressure , output rates, and other performance metrics. PD enhances output and guarantees the quality of the product by analyzing the composition of fluids generated from oil and gas wells. Analyzing the chemical composition of the reservoir is part of this process. water, gas, and oil extracted from 7 PD keeps an eye on the mechanical state of gas and oil wells to spot any problems or possible concerns. This involves testing and frequently inspecting the infrastructure and well equipment (Saudi Aramco, 2021). 2. Outbound Activities: Oil Operations (OO) Producing departments, other Upstream departments, and other Saudi Aramco departments receive engineering and technical assistance from PD. Support operations associated with gas, water, and oil production falls under this umbrella. PD reinforces Saudi Aramco’s endeavors to sustain high production levels from entirely developed fields, improve the capacity of partly developed fields to produce, and start production from weak and new areas. This entails creating plans for the long-term use of technology, field development strategies, and oil and gas production targets (Aljazeera, 2021) . PD is committed to both safety and operational excellence. To guarantee the secure and efficient functioning of oil and gas facilities, the department complies with industry norms and best practices. This involves putting environmental stewardship programs into action and reducing the amount of impact the operations have on the environment. In summary, the Department of Oil Production Engineering (PD) is vital to Saudi Aramco’s upstream operations. PD ensures the safety and ecological sustainability of operations while contributing to the effective and profitable production of water, gas, and oil through its engineering and technical expertise (Bloomberg, 2021) . Function Process: Oil Production Engineering Department (PD) 8 The goal of Saudi Aramco’s Oil Production Engineering Department’s (PD) business process is to make sure the safe and effective production of water, gas, and oil while keeping the strictest environmental sustainability and safety regulations (Reuters, 2021) . To be able to evaluate the productivity and performance of oil and gas reservoirs, the first stage in PD’s business process is to track and evaluate reservoir parameters. Analyzing data on reservoir temperature, pressure, fluid composition, and other pertinent factors is part of this process. To make sure that gas, oil, and water wells are functioning effectively, PD regularly analyzes the performance of wells after completing the reservoir analysis. This entails keeping an eye on wellbore pressure, production rates, and other performance metrics to spot any concerns or possible difficulties that might have an impact on output(Aljazeera, 2021) . Another crucial facet of PD’s operational processes is the examination of well fluid composition. PD optimizes output and guarantees the quality of the product by analyzing the composition of fluids generated from oil and gas wells. This entails examining the chemical composition of water, gas, and oil extracted from the reservoir to find any pollutants or impurities that could have an impact on output. Lastly, PD keeps an eye on the mechanical condition of gas and oil wells to spot any flaws or any concerns with the infrastructure and well equipment. This entails inspecting and testing wellheads, casings, and tubing on a regular basis to make sure the equipment is functioning safely and effectively (Reuters, 2021) . Numerous significant duties and resources are part of the Oil Production Engineering Department’s (PD) business process. Production engineers are in charge of monitoring and assessing the mechanical health of the well, reservoir characteristics, fluid composition, and well performance. Senior engineers oversee 9 and provide direction to guarantee the integrity and dependability of data gathered and processed, while Area engineers offer technical support and assistance to Production engineers (Saudi Aramco, 2021). I-Field Engineers are also in charge of keeping an eye on real-time well data and spotting any weaknesses or faults with infrastructure and well equipment. To aid in data analysis and decision-making, they also provide packages of software and apps for data visualization and summarization (Aljazeera, 2021). Process metrics and key performance indicators (KPIs) such as the reservoir productivity index, well production rates, fluid quality and composition, well integrity and reliability, rigless intervention efficiency, safety incidents, and expenditures per barrel of oil equivalent (BOE) are used to assess the efficacy and efficiency of PD’s business processes (Reuters, 2021). To sum up, the Oil Production Engineering Department (PD) business processes are made in order to ensure the most sustainable and productive production of water, gas, and oil while keeping the strictest safety regulations. PD is critical to improving recovery and optimizing production because it tracks and analyzes reservoir characteristics, well performance, fluid composition, and well mechanical condition (Saudi Aramco, 2021). Process Limitations and Areas for Improvement Even though Saudi Aramco’s Oil Production Engineering Department (PD) company process is set up to guarantee effective and efficient production, there are a number of important variables and possible challenges that could throw the system off. To enhance recuperation and improve output, these elements must be identified and addressed (Bloomberg, 2021). Critical Factors Affecting Process Flow 10 1. Data Accuracy and Reliability: One of the main elements affecting the process flow is the accuracy and consistency of the data gathered and processed. A reservoir’s characteristics, well performance, and fluid composition may be erroneously assessed as a result of inaccurate or untrustworthy data, which could result in less than ideal production and recovery. 2. Equipment Reliability and Maintenance: To guarantee efficient process flow, well-maintained infrastructure and equipment are essential. Equipment faults or failures can cause production operations to be disrupted, resulting in downtime that lowers the overall effectiveness and output (Aljazeera, 2021) . 3. Environmental and Regulatory Compliance: Following legal and environmental requirements is another crucial aspect influencing workflow. Fines, penalties, and reputational damage arising from breaking these regulations may have an impact on the operations and financial success of the company (Reuters, 2021). Human Resources and Expertise: The effective execution of PD’s business process depends on the availability of experienced and skilled human resources. A scarcity of talented staff or insufficient knowledge in crucial domains may hinder the smooth running of processes and curtail the department’s capacity to maximize output and recuperation(Reuters, 2021) . Identification of Bottlenecks and Areas for Improvement 1. Data Management and Analysis: Data analysis and management is one area that needs work. The danger of inaccuracies and discrepancies can be decreased by using sophisticated data 11 management systems and analytical tools, which can assist enhance the accuracy, dependability, and efficiency of collecting and analyzing data operations (Financial Times, 2021). 2. Equipment Maintenance and Reliability: Reducing downtime and increasing productivity require better equipment reliability and maintenance. It is possible to detect and resolve problems with machinery before they cause production interruptions by putting into practice a proactive maintenance strategy that includes routine inspections, preventive repairs and condition monitoring (Bloomberg, 2021). 3. Training and Development: For PD staff to gain and retain the requisite skills and knowledge, training and development initiatives are crucial. Assuring that PD employees have the information and abilities necessary to carry out their jobs and duties successfully can be achieved in part by offering continual training and development opportunities (Saudi Aramco, 2021). 4. Process Optimization and Automation: Streamlining and automating PD’s business processes can help improve efficiency, reduce errors, and minimize the risk of process disruptions. Implementing advanced process optimization and automation technologies can help identify and eliminate bottlenecks, improve decision-making, and increase overall productivity and efficiency. Identifying and addressing critical factors affecting process flow is essential for optimizing production and maximizing recovery in the Oil Production Engineering Department (PD) at Saudi Aramco. By improving data management and analysis, equipment maintenance and reliability, training and development, and process optimization and automation, PD can enhance efficiency, reduce downtime, and achieve its production and recovery goals (Aljazeera, 2021) . 12 PART II: Improving Innovation Implementation and Participation Rates is an area that needs improvement. As a leader within the Oil Production Engineering Department (PD) at Saudi Aramco, one of the key areas of improvement I have identified is enhancing innovation participation and implementation rates. Innovation is crucial for driving continuous improvement and staying ahead in an ever-evolving industry. By encouraging greater participation in innovation initiatives and improving the rate of implementation, we can drive positive change, increase efficiency, and maintain our competitive edge. Possible Change Resistance Improving innovation adoption and involvement rates is crucial for the department’s performance over the long term, but there are obstacles to overcome. Organizations frequently run across resistance to change when introducing new initiatives, and this resistance can take many different forms. I’ll list a few such instances of resistance to change below, along with helpful approaches for handling them (Saudi Aramco, 2021). 1. Fear of what’s not known: Fear of the unknown is one of the most frequent causes of resistance to change. Concerns about how innovation projects may affect their roles, responsibilities, and job security may cause employees to feel uneasy or unsettled. As an illustration, some workers can be concerned that the adoption of new procedures or technology will render their expertise outdated and result in a loss of employment or a promotion. Some might worry that they won’t be able to adjust to the changes and will find it difficult to carry out their responsibilities efficiently (Financial Times, 2021). 13 Method: Employees must be informed in an honest and open manner about the changes, their personal effects, and the anticipated benefits in order to overcome this kind of opposition. Building confidence and easing employees’ worries can both be accomplished by offering training and assistance in order to help them acquire the skills necessary to thrive in their new surroundings. 2. Satisfied with the Current Situation: Comfort with the status quo is a common cause of resistance to change. Workers may be resistant to changes that upset their established working habits because they are accustomed to the procedures and routines that are in place. Example: Some workers could be hesitant to adopt new technology or procedures because they are accustomed to the way things are done now. They could think innovation is superfluous or disruptive and would rather stick to what they know. It is crucial to illustrate the advantages of innovation and how it can raise output, contentment at work, and efficiency in order to overcome this kind of resistance. Fostering a sense of ownership and involvement in the change process can be achieved by encouraging staff members to contribute their ideas and proposals for improvement (Oil & Gas Middle East, 2021). 3. Lack of Understanding or Buy-In: Resistance to change can also occur when employees do not understand the reasons for the change or do not believe in its importance. Without a clear understanding of the benefits of innovation, employees may be hesitant to embrace new initiatives. Example: Some employees may not fully understand the reasons for implementing new technologies or processes and may question the need for change. They may 14 view innovation as unnecessary or may not see how it will benefit them personally (Financial Times, 2021). Strategy: To address this type of resistance, it is essential to communicate the vision and goals of innovation initiatives clearly and effectively. Providing concrete examples of how innovation has benefited other departments or organizations can help employees see the value and importance of the change(Gulf Business, 2021) . 4. Lack of Trust or Support: Resistance to change can also occur when employees do not trust or support the leadership teamEmployee resistance to change initiatives may increase if they believe that their concerns are not being acknowledged or taken seriously. For instance, some staff members might think that the leadership group is not giving enough thought to their suggestions or criticism, and they might be dubious about the suggested adjustments. They may view innovation as imposed from above rather than as a collaborative effort. Strategy: It is crucial to involve staff members in decision-making and to ask for their opinions in order to overcome this kind of resistance. Fostering a more positive and encouraging workplace can be achieved through developing trust and rapport with employees through listening to their questions, answering their concerns, and including them in the change process. To effectively increase innovation involvement and implementation rates, leaders in Saudi Aramco’s Oil Production Engineering Department (PD) must confront opposition to change. We can build a climate that is more favorable and supportive of innovation, creativity, and continual improvement by 15 comprehending the causes of resistance and putting effective methods in place to address them. (Oil & Gas Middle East, 2021). Destructive Technologies in the Next 10 Years As a leader within the Oil Production Engineering Department (PD) at Saudi Aramco, it is essential to anticipate and prepare for disruptive technologies that may impact the oil and gas industry in the next decade. Rapid advancements in technology, coupled with changing market dynamics and growing environmental concerns, are driving innovation across the industry. One of the most significant disruptive technologies that we anticipate in the next 10 years is digitalization and big data analytics. These technologies are transforming the way we collect, manage, and analyze data in the oil and gas industry. With the use of cutting-edge data analytics methods like machine learning and artificial intelligence, we can now better understand large volumes of data and make more informed decisions while increasing operational effectiveness. The Internet of Things (IoT) and sensor technology are two more disruptive technologies that we anticipate seeing in the next ten years. IoT and sensor technology are enabling us to connect and monitor equipment and processes in real-time, providing valuable insights into asset performance and condition. We can gather information on critical performance metrics like temperature, pressure, and flow rates by implementing sensors across our operations. This enables us to spot any problems before they become expensive breakdowns (Saudi Aramco, 2021). Robotics and automation are also expected to revolutionize the oil and gas industry in the next decade. Autonomous drones and robots can perform inspections, maintenance, and repairs in hazardous or hard-to-reach locations, improving safety 16 and efficiency. By automating repetitive tasks and streamlining our operations, we can reduce costs, improve productivity, and enhance safety across our facilities (Financial Times, 2021). The shift towards renewable energy and alternative fuels is another disruptive trend that is reshaping the energy landscapeWe must look for innovative ways to include renewable energy technologies like solar, wind, and hydrogen into our operations while lowering our carbon footprint and environmental impact as the need for clean energy sources rises. Your Team’s Orientation To successfully navigate these disruptive technologies and drive innovation within the Oil Production Engineering Department (PD), it is essential to ensure that our team has the necessary competencies and expertise. Below, I will outline the key competencies required for the change initiative and the composition of the team. Competencies Required for Change Initiative: i. Technical Proficiency: Proficient in fields like sensor technology, robotics, automation, artificial intelligence, machine learning, data analytics, Internet of Things, and sustainable energy technologies. ii. Innovative Thinking: The capacity to apply original thought to solve challenging issues. This entails being prepared to question the status quo and investigate novel concepts and technological advancements (Oil & Gas Middle East, 2021). iii. Collaboration and Communication abilities: Establishing agreement on new projects and working across departments and disciplines requires effective collaboration and communication abilities.. 17 iv. Change Management Skills: The ability to effectively manage change and navigate resistance to change within the organization. This includes identifying potential barriers to change, engaging stakeholders, and implementing strategies to overcome resistance. Members of the Team To drive innovation and successfully implement disruptive technologies within the Oil Production Engineering Department (PD), I will assemble a multidisciplinary team with the following composition: i. Data Scientists and Analysts: Responsible for collecting, managing, and analyzing data to extract valuable insights and inform decision-making. ii. Automation and Robotics Engineers: Responsible for designing, developing, and implementing robotic and automation solutions to optimize production processes and improve efficiency (Gulf Business, 2021) . iii. Renewable Energy Specialists: Responsible for exploring and integrating renewable energy technologies such as solar, wind, and hydrogen into our operations to reduce our environmental impact. iv. Project Managers and Change Management Specialists: Responsible for overseeing the implementation of new initiatives, managing project timelines and budgets, and navigating resistance to change within the organization. v. Collaboration and Communication Specialists: Responsible for facilitating collaboration and communication across departments and disciplines, building consensus around new initiatives, and ensuring that all stakeholders are engaged and informed throughout the change process (Saudi Aramco, 2021). By assembling a multidisciplinary team with the necessary competencies and expertise, we can successfully navigate disruptive technologies and drive innovation 18 within the Oil Production Engineering Department (PD) at Saudi Aramco (Oil & Gas Middle East, 2021). Alignment with the Company’s Goals As a leader within the Oil Production Engineering Department (PD) at Saudi Aramco, it is crucial to ensure that any change initiative is aligned with the company’s vision and strategic objectives. The goal of Saudi Aramco is to be the top integrated energy and chemical corporation in the world, propelled by technological innovation and upholding the greatest standards of corporate governance, environmental responsibility, and safety (Financial Times, 2021). The change initiative to enhance innovation participation and implementation rates within PD is fully aligned with Saudi Aramco’s vision. By encouraging greater participation in innovation initiatives and improving the rate of implementation, we can drive positive change, increase efficiency, and maintain our competitive edge. Innovation is a key driver of growth and success in the energy industry, and by fostering a culture of innovation within PD, we can contribute to Saudi Aramco’s overall strategic objectives. The company’s vision emphasizes the importance of innovation and technology in driving growth and competitiveness. We can support Saudi Aramco’s ambitions to carry on as a worldwide leader in the energy sector by raising innovation involvement and implementation rates inside PD. Innovation is essential for driving continuous improvement and staying ahead in an ever-evolving industry, and by aligning our change initiative with the company’s vision, we can ensure that we remain at the forefront of technological advancements and best practices (Oil & Gas Middle East, 2021). Stakeholder Analysis 19 Identifying and engaging key stakeholders is essential for the success of any change initiative. Below, I will outline the stakeholders who will support the change initiative to enhance innovation participation and implementation rates within the Oil Production Engineering Department (PD) at Saudi Aramco (Saudi Aramco, 2021). 1. Senior Management: Senior management within PD and Saudi Aramco’s executive leadership team are critical stakeholders who will stear changes initiative. They are in charge of determining the company’s strategic direction and are committed to fostering innovation and ongoing development in all divisions (Financial Times, 2021). 2. Production Engineers and Technical Staff: In addition to being closely involved in the department’s daily operations, production engineers and technical staff in the PD will be crucial in carrying out the transformation program. Their involvement and support are crucial for developing an innovative culture and ensuring the successful execution of new projects. 3. Project Managers and Change Management Specialists: Project managers and change management specialists are responsible for overseeing the implementation of new initiatives and navigating resistance to change within the organization. Their expertise in change management and project management will be invaluable for driving the successful implementation of the change initiative. 4. Specialists in Cooperation and Communication: Facilitating collaboration and communication across departments and disciplines is the responsibility of collaboration and communication professionals. Their role is essential for building consensus around new initiatives and ensuring that all 20 stakeholders are engaged and informed throughout the change process (Oil & Gas Middle East, 2021) . 5. External Partners and Suppliers: External partners and suppliers who work closely with PD are also important stakeholders who will support the change initiative. Their expertise and collaboration will be essential for implementing new technologies and driving innovation within the department (Saudi Aramco, 2021). By engaging and enlisting the support of these key stakeholders, we can ensure the successful implementation of the change initiative to enhance innovation participation and implementation rates within the Oil Production Engineering Department (PD) at Saudi Aramco. In conclusion. To sum up, the proposed changes to enhance innovation participation and implementation rates within the Oil Production Engineering Department (PD) at Saudi Aramco have the potential to drive significant improvements in efficiency, productivity, and competitiveness. By fostering a culture of innovation and embracing disruptive technologies, we can position PD and Saudi Aramco as leaders in the energy industry, fostering success and expansion in a market that is changing quickly.The introduction of disruptive technologies such as digitalization, big data analytics, IoT, sensor technology, robotics, automation, and renewable energy will revolutionize our operations, enabling us to optimize production processes, reduce costs, and improve safety and environmental sustainability. These technologies will allow us to collect, manage, and analyze data more effectively, providing valuable insights into asset performance and condition and enabling us to make more informed decisions (Oil & Gas Middle East, 2021) . Furthermore, by enhancing innovation 21 participation and implementation rates within PD, we can drive positive change, increase efficiency, and maintain our competitive edge. Innovation is essential for driving continuous improvement and staying ahead in an ever-evolving industry, and by aligning our change initiative with Saudi Aramco’s vision and strategic objectives, we can ensure that we remain at the forefront of technological advancements and best practices (Saudi Aramco, 2021). The proposed changes will have a significant impact on the PD and Saudi Aramco as a whole, driving growth, success, and competitiveness in the energy industry. By fostering a culture of innovation, embracing disruptive technologies, and engaging key stakeholders, we can position PD and Saudi Aramco as leaders in the energy industry, driving growth, success, and competitiveness in a rapidly evolving mar ket. Overall, the proposed changes have the potential to transform the PD and Saudi Aramco, driving growth, success, and competitiveness in the energy industry. By embracing disruptive technologies, fostering a culture of innovation, and engaging key stakeholders, we can position the PD and Saudi Aramco as leaders in the energy industryfostering success, expansion, and competition in a market that is changing quickly (Saudi Aramco, 2021). 22 References. Saudi Aramco. (2021). Annual Review 2020. Retrieved from https://www.aramco.com/-/media/publications/annual-reports/annual-review2020.pdf Saudi Aramco. (2021). Sustainability Report 2020. Retrieved from https://www.aramco.com/-/media/publications/sustainability-reports/sustaina bility-report-2020.pdf Reuters. (2021, March 21). Saudi Aramco’s net profit falls 44.4% in 2020, still beats estimates. Reuters. Retrieved from https://www.reuters.com/business/energy/saudi-aramcos-2020-profit-falls-44 -still-beats-estimates-2021-03-21/ 23 Saudi Aramco. (2020). Annual Review 2019. Retrieved from https://www.aramco.com/-/media/publications/annual-reports/annual-review2019.pdf Gulf Business. (2021, March 21). Saudi Aramco profits fall 44.4% in 2020, beats analyst estimates. Gulf Business. Retrieved from https://gulfbusiness.com/saudi-aramco-profits-fall-44-4-in-2020-beats-analys t-estimates/ Saudi Aramco. (2020). Annual Report 2019. Retrieved from https://www.aramco.com/-/media/publications/annual-reports/annual-report2019-en.pdf Aljazeera. (2021, March 21). Saudi Aramco profits fall 44% as pandemic hits oil demand. Aljazeera. Retrieved from https://www.aljazeera.com/economy/2021/3/21/saudi-aramco-profits-fall-44as-pandemic-hits-oil-demand Financial Times. (2021, March 21). Saudi Aramco profits plunge as pandemic hits oil demand. Financial Times. Retrieved from https://www.ft.com/content/47672d08-5e19-4f59-9f2d-f2c6d1461e9f Bloomberg. (2021, March 21). Saudi Aramco’s Profit Halved as Pandemic Batters Oil Demand. Bloomberg. Retrieved from https://www.bloomberg.com/news/articles/2021-03-21/saudi-aramco-s-profit -halved-as-pandemic-batters-oil-demand Oil & Gas Middle East. (2021, March 21). Saudi Aramco’s net profit falls 44.4% in 2020. Oil & Gas Middle East. Retrieved from https://www.oilandgasmiddleeast.com/drilling-production/38271-saudi-aram cos-net-profit-falls-444-in-2020 24

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